July 25, 2012 / 9:01 PM / 5 years ago

Cadence Design profit beats Street estimates

July 25 (Reuters) - Chip-design software maker Cadence Design Systems Inc reported a better-than-expected second-quarter profit, helped by strong demand for its products, and forecast full-year results largely above analysts’ expectations.

Earnings rose to $36.4 million, or 13 cents per share, from $26.9 million, or 10 cents per share last year.

Excluding items, Cadence earned 19 cents per share.

The company, which competes with Synopsys Inc and Mentor Graphics, reported 15 percent rise in revenue to$326 million.

Analysts had expected earnings of 18 cents per share, on revenue of $321.1 million, according to Thomson Reuters I/B/E/S.

The company forecast full-year earnings of 70 cents to 74 cents per share, on revenue of $1.29 billion to $1.32 billion.

Analysts were expecting earnings of 70 cents per share, on revenue of $1.29 billion.

Shares of the San Jose, California-based company closed at $11.42 on Wednesday on the Nasdaq. (Reporting by Shubham Singhal in Bangalore; Editing by Maju Samuel)

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